Without an estate plan, Colorado law determines what happens to your assets, who makes decisions on your behalf if you become incapacitated, and in some cases who raises your children. Fredrickson Johnson and Terry helps individuals and families in Canon City and throughout southern Colorado create estate plans that reflect their actual wishes and hold up to legal scrutiny when it matters most.
Back to Main SiteColorado's intestate succession laws distribute assets in a fixed order based on family relationships. That order frequently does not match what people actually want, particularly in blended families, domestic partnerships, or situations where one beneficiary has greater financial need than another. A properly drafted will or trust costs a fraction of what an intestate dispute costs to resolve in probate court.
A will takes effect at death and often passes through probate, a court-supervised process that is public and can take six months or more. A revocable living trust can transfer assets to beneficiaries without probate, privately and without court involvement, and is generally much faster and less intrusive. Trusts also provide a mechanism for managing your assets during incapacity, and provide increased ways to protect your assets for your heirs and beneficiaries. Trusts have become a very popular estate planning tool in Southern Colorado in recent years because of the advantages they offer. Whether a trust makes sense for your situation depends on the size and nature of your estate, your family structure, and your goals. When we meet we will explain the practical differences so you can make an informed choice.
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Your assets are distributed according to Colorado's intestate succession statutes under C.R.S. Section 15-11. For married individuals with children from a prior relationship, this can produce results that differ significantly from what most people intend. Assets may be split between a surviving spouse and children in proportions that surprise families and that cannot be changed after the fact.
A will takes effect at death and often requires probate. A revocable living trust takes effect immediately, transfers assets to your beneficiaries outside of probate, and also governs management of your assets if you become incapacitated during your lifetime, and can provide additional protection of assets for your heirs and beneficiaries. As a general rule, for families with real property or minor children, a trust provides much more complete protection than available in a will alone.
Colorado estate planning attorneys generally recommend reviewing your plan after any major life event, including marriage, divorce, the birth or adoption of a child, the death of a named beneficiary or executor, or a significant change in assets. Changes in state or federal law can also affect whether existing documents accomplish what you intend. A review every three to five years is reasonable even without a major life change.
A durable financial power of attorney designates someone to manage your finances if you become incapacitated. Without one, your family may need to pursue a conservatorship through the courts, which is expensive and time-consuming. A medical power of attorney designates who makes medical decisions if you cannot. Without one, your family may need to pursue a legal guardianship through the courts, which can also be expensive and time-consuming. Both documents are an essential part of any complete estate plan.
Colorado recognizes handwritten wills if they are entirely in the testator's handwriting and signed. However, handwritten wills frequently contain ambiguous language, fail to address important scenarios, or are challenged by heirs, and can result in expensive litigation. An attorney-drafted will that has been reviewed and properly executed is far more likely to accomplish what you intend and far less likely to be contested.
Fredrickson Johnson & Terry has served southern Colorado families and businesses since 1959. Call or submit a request and we’ll be in touch promptly.
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